Abound, a remittance app focused on facilitating financial transactions between non-resident Indians (NRIs) and India, has successfully raised $14 million in a seed funding round. This investment comes from prominent crypto investors, Circle Ventures and the Near Foundation.
With a user base of 500,000 monthly active users, Abound has processed a total of $150 million worth of remittances. The app, which is backed by the digital arm of the Times of India Group, aims to address the unique financial needs of Indians living in America who must navigate two different economies and currencies.
Nishkaam Mehta, the CEO of Abound, highlighted the challenges faced by NRIs and expressed the app’s commitment to providing tailored financial services for this demographic. The recent funding will be utilized to expand the business by hiring key personnel and improving its technological infrastructure.
Jeremy Fox-Geen, CFO of Circle, emphasized the transformative potential of stablecoins and digital payment systems in revolutionizing global finance, particularly for diaspora communities. Circle is known for issuing USDC, a stablecoin pegged to the US dollar with a market capitalization of $59 billion.
A recent report revealed that the stablecoin sector settled $10.8 trillion worth of transactions in 2023, with $2.3 trillion attributed to payments and cross-border remittances. This underscores the growing importance of digital payment solutions in facilitating international financial transactions.
Overall, Abound’s successful funding round and strategic partnerships with industry leaders position the app as a key player in the remittance market, offering a seamless and efficient platform for NRIs to send money back home to India.